9.              Cash, Cash Equivalents and Available-For-Sale Securities

Cash, cash equivalents and available-for-sale securities consisted of the following (in thousands):

Cash equivalents and available-for-sale securities include the following securities with unrealized gains and losses (in thousands):

As of September 30, 2011, the contractual maturities of our cash equivalents and available-for-sale securities were (in thousands):

As of September 30, 2011, our cash equivalents and available-for-sale securities had a weighted-average time to maturity of approximately 219 days. We view our available-for-sale portfolio as available for use in current operations.  Accordingly, we have classified certain investments as available-for-sale securities on our balance sheet even though the stated maturity date of these securities may be more than one year from the current balance sheet date. We have the ability to hold all investments as of September 30, 2011 to maturity. Recently, the credit rating for the U.S. long-term sovereign debt was downgraded by S&P. We believe that such downgrade did not materially affect the value of our available-for-sale securities as of September 30, 2011. At September 30, 2011 and December 31, 2010, we had no investments that had been in a continuous unrealized loss position for more than twelve months.  As of September 30, 2011, a total of 40 individual securities had been in an unrealized loss position for twelve months or less and the losses were deemed to be temporary.

The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands):